Chapter 14 Vocabulary

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WORD
 DEFINITION
 PARAPHRASE
 TRANSLATION
interest
 Payment for the use of
capitol.
 Paying someone
to use somthing.
demand
 The amount of a product
or service buyers are willing
and able to buy at different
prices.
 If people want
somthing and how
much their willing
to pay.
supply
 To provide for what is
lacking.
 To satisfy a want.
market price
 The price at which buyers
and sellers agree to trade.
 A price that
everyone thinks
is fair.
entrepeneur
 A person who starts a
business.
 A person who
organizes a
business.
sole proprietorship
 A business owned by an
individual.
 Business that is
owned by one
person.
partnership
 A type of business in which
two or more people share
ownership.
 Business that is owned
by more than one
person.
corporation
 A business that is separate
from the people that own it
and legally acts as a single
person.
 A business outside of
the business that owns
it.
labor unions
 Orginizations of workers
that seek to improve wages
and working conditions and
to protect members' right.
 Workers fighting to
keep their benifits.
collective bargaining
 The process by which
representatives of the
unions & business try to
reach agreement about
wages and working
conditions.
 Unions and businesses
work together to agree
about pay and
conditions.
boycott
 To refuse to buy a certain
company's or country's
products.
 To stop buying or using
someone's good or
services.
strike
 When workers refuse to work unless
employers meet certain demands.
 Stopped production.